Studio Z

What Studio Z does

Studio Z Inc. (StudioZ株式会社) is a Japanese mobile game developer and CROOZ Group subsidiary, founded in 2016 and headquartered in Roppongi, Minato-ku, Tokyo. The company develops, operates, and distributes free-to-play smartphone games built on the Unity engine, with its core titles including エレメンタルストーリー (Elemental Story), a cooperative real-time puzzle-action RPG where players move pieces within 7 seconds to draw shapes and trigger skills (iOS since 2016, Android since ~2015, plus a PC version via AndApp); PROJECT XENO, a Web3-enabled real-time online battle game with play-to-earn mechanics that won the WEB3 GAME AWARD 2024 Grand Prize; and ウルトラマン パズルシュワッチ!! (Ultraman Puzzle Shuwa Touch!!), a puzzle game co-developed with Metafield Corporation under Tsuburaya Productions supervision and launched October 2025 across Japan, Traditional Chinese-speaking regions, Southeast Asia, and North America. The company has also operated HUNTER×HUNTER branded collection games via partnerships with ForGroove Corporation and Nippon Television across legacy Japanese platforms (Mobage, Ameba, dゲーム, GREE), and offers contracted game development services to external clients.

Studio Z's business model centers on freemium monetization through in-app purchases of virtual currencies (crystals), gacha/summon mechanics, and premium character/weapon bundles, supplemented by contracted co-development revenue. A documented library of 50+ anime and game IP collaborations across the portfolio drives recurring engagement, with Elemental Story alone running roughly 20+ collaborations per year. Community engagement is reinforced through エレスト公式生放送 (140+ episodes of official live streams), 200+ VTuber promotional streams, and physical presence at anime conventions including Comic Market and うた☆プリ. Marketing relies heavily on organic social media (X/Twitter, YouTube), pre-registration campaigns for new launches, and event-driven booth activations.

Studio Z serves primarily consumer-facing mobile gamers in the casual to mid-core segments with a strong affinity for anime and pop culture IP collaborations, with mainland China explicitly excluded from its geographic footprint. The company is led by CEO Ikebata Suguru (池幡 賢), appointed June 25, 2019 as part of a new management regime under the CROOZ Group umbrella, alongside Director Inoue Yuta (井上 佑泰). Recent portfolio activity includes the October 2025 Ultraman launch following the July 2025 partnership announcement, the prior discontinuation of SHAMAN KINGふんばりクロニクル (service ended July 2023), and continued monthly collaboration cadence on Elemental Story through 2026.

Name

Studio Z

Legal name

StudioZ株式会社

Website

https://studioz.co.jp

Company type

Private

Founded year

2016

Operating status

Operating

Short description

Studio Z Inc. is a Japanese mobile game developer subsidiary of CROOZ Group, producing free-to-play smartphone games including Elemental Story (puzzle RPG), PROJECT XENO (Web3 battle game), and Ultraman Puzzle Shuwa Touch!!, serving anime and IP enthusiasts across Japan and select international markets.

Ownership category

akta.pro rank

Product category

Mobile Gaming

NAICS

Software Publishers (513210)

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industries

Web3/Blockchain Game Studios (MPAFAAAO), Mobile Game Publishing & App Game Stores (BPAMAKAB)

Keywords

• Mobile game development
• Free-to-play puzzle games
• Anime IP collaborations
• Web3 gaming
• Contracted game development

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Free-to-Play Mobile Games with In-App Purchases: StudioZ's primary revenue comes from free-to-play mobile games (エレメンタルストーリー, PROJECT XENO, ホップステップジャンパーズ) monetized through in-game item purchases, gacha/summon systems, and premium character/weapon bundles. Revenue is generated from virtual currency (crystals) purchases and limited-time item packs.
2. Contracted Game Development (、受託開発): StudioZ offers contracted game development services to external clients, developing games under IP licensing arrangements such as the ウルトラマン パズルシュワッチ!! co-development with Metafield and Ultras PRODUCTION.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Studio Z develops, publishes, and operates free-to-play mobile games for iOS, Android, and PC platforms, monetized through in-app purchases of virtual currencies and gacha/summon mechanics. Its portfolio includes the long-running puzzle RPG エレメンタルストーリー (Elemental Story), the Web3-enabled real-time battle game PROJECT XENO, and the 2025-launched Ultraman-themed puzzle game ウルトラマン パズルシュワッチ!!. The company additionally provides contracted game development services for external IP holders such as Tsuburaya Productions and Nippon Television.

Product overview

Studio Z is a Japanese mobile game development company operating under CROOZ Group. The company develops and运营 multiple smartphone games including the flagship puzzle RPG エレメンタルストーリー (Elemental Story), the Web3-enabled battle game PROJECT XENO which won WEB3 GAME AWARD 2024, and the recently launched Ultraman-themed puzzle game developed in partnership with MetaField Corporation and Tsuburaya Productions. The company also provided HUNTER×HUNTER branded collection games through partnerships with ForGroove Corporation. The product portfolio spans co-op puzzle battle games, Web3 gaming, and licensed anime/game collaboration titles.

Differentiator

Problem solved

Functional benefit

Brands

• エレメンタルストーリー (Erementaru Story): Cooperative battle real-time puzzle action game - a puzzle RPG where players move pieces within 7 seconds to draw specific shapes and activate skills.
• PROJECT XENO（ゼノ）
• ウルトラマン パズルシュワッチ!!

Products and services

• エレメンタルストーリー (Elemental Story) Free-to-play smartphone co-op puzzle RPG in which players move pieces within 7 seconds to draw specific shapes, activating skills and attacks. Features extensive anime and game IP collaboration events with limited-time characters and weapons. Available on iOS, Android, and PC (via AndApp). Targeted at casual to mid-core mobile gamers in Japan and select international markets.
• PROJECT XENO (ゼノ) Free-to-play Web3 real-time online battle game where players compete against rivals worldwide and can earn rewards through play-to-earn mechanics. Available on iOS and Android. Targeted at mobile gamers interested in Web3-enabled competitive multiplayer.
• ウルトラマン パズルシュワッチ!! (Ultraman Puzzle Shuwa Touch!!) Free-to-play smartphone puzzle game featuring Ultraman series characters, co-developed with メタフィールド株式会社 (Metafield Corporation) under Tsuburaya Productions IP supervision. Launched October 2025 across Japan, Traditional Chinese-speaking regions, Southeast Asia, and North America.
• HUNTER×HUNTER バトルコレクション / トリプルスターコレクション Free-to-play HUNTER×HUNTER-themed mobile collection games with item-based billing, distributed through Mobage, Ameba, dゲーム, and GREE platforms in partnership with ForGroove Corporation and 日本テレビ放送網株式会社 (Nippon Television Network Corporation).
• Contracted Game Development (受託開発) Professional game development services offered to external clients under IP licensing arrangements, including co-development of branded titles such as ウルトラマン パズルシュワッチ!! with メタフィールド株式会社 and Tsuburaya Productions. Targeted at media companies and IP holders seeking turnkey mobile game development.

Quantifiable outcome

• エレメンタルストーリー celebrated its 10th anniversary (Android) in January 2025 and 9th anniversary (iOS) in May 2024, demonstrating long-term product viability and sustained user engagement.

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Partnerships

Five partnerships are on record, tiered key strategic, core and parent.

• メタフィールド株式会社 (Metafield Corporation)key strategicStrategic or Co-development Partner · 10 July 2025StudioZ is in a joint business (共同事業) with Metafield Corporation, a digital business strategy subsidiary of Tsuburaya Fields Holdings, for the development and distribution of ウルトラマン パズルシュワッチ!!. Metafield handles the strategic digital business while StudioZ develops the game, with all three parties collaborating under the Tsuburaya Productions brand.
• 株式会社円谷プロダクション (Tsuburaya Productions Co., Ltd.)coreStrategic or Co-development Partner · 10 July 2025Tsuburaya Productions provides the official IP license (ウルトラマンシリーズ) and supervises the development of ウルトラマン パズルシュワッチ!! as the copyright holder. StudioZ develops the game and Metafield manages the digital business strategy.
• ForGroove株式会社 (ForGroove Corporation)key strategicStrategic or Co-development Partner · 30 November 2020StudioZ partners with ForGroove Corporation for the provision of HUNTER×HUNTER バトルコレクション and HUNTER×HUNTER トリプルスターコレクション on Mobage, Ameba, dゲーム, and GREE platforms. ForGroove and 日本テレビ放送網 jointly provide these games, with StudioZ contributing the HUNTER×HUNTER IP-based content.
• 日本テレビ放送網株式会社 (Nippon Television Network Corporation)key strategicStrategic or Co-development Partner · 30 November 2020Nippon Television (日本テレビ) co-provides HUNTER×HUNTER mobile games with ForGroove Corporation on various platforms, leveraging their media network for promotion and distribution.
• CROOZグループ (CROOZ Group)parentOthersStudioZ is a member of the CROOZ Group, a Japanese mobile gaming and e-commerce group. CROOZ is the parent company that established StudioZ and its new management team in 2019.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• DeNA: Operator of the Mobage mobile gaming platform and publisher of Nintendo-partnered titles. Comparable to Studio Z as a Japanese mobile gaming platform and publisher; Studio Z historically distributed HUNTER×HUNTER games on Mobage.
• GREE: Japanese mobile gaming platform and publisher. Comparable to Studio Z as a Japanese mobile gaming platform; Studio Z's HUNTER×HUNTER Triple Star Collection was distributed on GREE.
• GungHo Online Entertainment: Developer of Puzzle & Dragons, one of Japan's most successful mobile puzzle RPGs. Directly comparable to Studio Z's Elemental Story as a Japanese mobile F2P puzzle RPG with gacha monetization and long-running franchise status.
• CyberAgent (Cygames): Parent of Cygames, which publishes mobile titles such as Uma Musume and Granblue Fantasy. Comparable to Studio Z as a Japanese mobile RPG publisher with anime IP collaborations and global distribution.
• Mixi: Developer of Monster Strike, a flagship Japanese mobile social/puzzle game. Strong peer for Studio Z as a Japanese mobile game publisher with a long-tenured franchise and anime IP collaboration engine.
• Akatsuki Inc. Japanese mobile game developer focused on casual and mid-core mobile titles. Comparable to Studio Z as a Japan-based mobile game studio operating F2P titles with cross-platform (iOS/Android) distribution.
• gumi Inc. Japanese mobile game developer and publisher with a history of licensed IP titles and global expansion. Comparable to Studio Z as a Japan-based mobile game studio pursuing IP licensing and international markets.
• Colopl: Japanese mobile game developer of titles such as White Cat Project and Dragon Quest Walk. Comparable to Studio Z as a Japanese mobile F2P game studio with long-running flagship titles.
• KLab: Japanese mobile game developer known for Love Live! School Idol Festival and other anime IP-licensed global mobile games. Strong peer for Studio Z given shared anime IP collaboration engine and global mobile publishing footprint.

Emerging players

• Animoca Brands: Global Web3 gaming and metaverse investor/operator. Comparable to Studio Z specifically for PROJECT XENO as a Web3-enabled game publisher competing in the GameFi and play-to-earn category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/elementalstory
• YouTubeyoutube.com/channel/UCVrEBu9rs93Btc_PeDduRgA

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Studio Z